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Powering Asia’s Future: Finding success in change and disruption
Vietnam is going through a time of great change. Aside from being one of the fastest growing economies in Southeast Asia, Vietnam’s retail market in particular has grown exponentially since the country opened its doors to foreign companies in 2009. One of the biggest beneficiaries of the retail explosion is Vietnam’s beauty products market, which has grown at a compound annual rate of 30% over the past few years. In fact, Vietnamese consumers spent US$6 billion on imported cosmetics and beauty products in 2018 — a threefold increase over 2016.
“So much has changed. Vietnamese consumers are becoming more demanding and sophisticated. Expectations are different now,” said Chi Truong, Marketing Director at L’Oreal. “In a consumer research study I was involved in two years ago, customers could only recall about two cosmetic brands. Now, they can remember up to five.”
Opportunities are aplenty in Vietnam’s retail market, but it is not without its challenges. For one, of the 59 million internet users in Vietnam, 78% of them are shopping online. As such, aside from navigating a rapidly maturing market, Chi also has to contend with disruptions that are happening seemingly on a weekly basis. Couple that with a severe local talent shortage, and the road suddenly becomes bumpier than initially expected.
To find out how Chi has successfully negotiated her way through Vietnam’s changing times, as well as her incredibly journey from Head of Brand to Marketing Director at L’Oreal, visit the Powering Asia’s Future site here.